The main point of these two macro long reads from the teacher is essentially one thing: the crypto market is panicking over the wrong tail risks. From what I understand, rate hikes won’t solve oil prices; they’ll just cause the fragile job market to crash-land. If the macro really collapses, the Fed’s only card left is to cut rates. Looking again at coin-denominated OI and ETF net inflows, the big institutions haven’t exited, but retail investors are panicking over the delay in rate cuts. The BTC ETF inflows over the past three months are still pretty optimistic.